Taiwan Hopax Chemicals Manufacturing Co. Ltd. (6509) AI Stock Analysis

Taiwan Hopax Chemicals Manufacturing Co. Ltd.

(TPEx:6509)

Select Model

Rating:72Outperform

Price Target:TWD 51.00▲(18.06% Upside)

Action:initiatedcoverage

Date:11/09/26

Strong financial performance from margin expansion and lower leverage is the primary driver, supported by reasonable valuation. Short-term technical weakness from moving averages and MACD tempers the score but oversold conditions limit further downside risk.

Positive Factors

Improving ProfitabilityImproved 2025 gross, EBITDA, and net margins indicate stronger profitability in the specialty-chemicals business. If these levels persist, they can provide more internal funding for operations and investment while improving resilience when downstream demand fluctuates.

Negative Factors

Sharp Revenue ContractionThe sharp 2025 revenue contraction shows that demand is sensitive to business cycles and downstream manufacturing conditions. Such volatility can undermine the durability of recent earnings gains, weaken operating leverage, and make future planning and resource allocation less predictable.

Taiwan Hopax Chemicals Manufacturing Co. Ltd. (6509) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 9.09B
Dividend Yield: 3.23%
Average Volume (3M): 887.52K
Price to Earnings (P/E): 13.0
Beta (1Y): 0.73
Revenue Growth: 2.00%
EPS Growth: 57.23%
Country: TW
Employees: 891
Sector: General
Sector Strength: 55
Industry: Chemicals - Specialty

Taiwan Hopax Chemicals Manufacturing Co. Ltd. Business Overview & Revenue Model

Company Description

Taiwan Hopax Chemicals Manufacturing Co., Ltd. (Hopax) operates as a global manufacturer and supplier, specializing in a diverse array of chemical solutions. The company's core business encompasses the production and sale of specialty chemicals, fine...

Taiwan Hopax Chemicals Manufacturing Co. Ltd. Financial Statement Overview

Summary

Profitability strengthened with gross margins at 32.3% and net margins at 11.6%, balance sheet improved via deleveraging to debt-to-equity of 0.30, backed by solid operating cash flow of 1.22 billion.

Income Statement

76Positive

Balance Sheet

84Very Positive

Cash Flow

71Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.00B	4.88B	4.75B	4.52B	5.46B	4.73B
Gross Profit	1.75B	1.58B	1.45B	1.26B	1.51B	1.32B
EBITDA	1.32B	1.11B	995.96M	869.08M	1.08B	865.80M
Net Income	710.54M	567.43M	489.91M	429.99M	599.35M	428.81M
Balance Sheet
Total Assets	8.26B	7.87B	7.33B	6.08B	6.68B	6.25B
Cash, Cash Equivalents and Short-Term Investments	1.87B	1.74B	1.65B	703.65M	637.80M	521.43M
Total Debt	1.27B	1.56B	1.40B	1.45B	2.07B	2.04B
Total Liabilities	2.69B	2.63B	2.28B	2.35B	3.11B	3.11B
Stockholders Equity	5.57B	5.25B	5.04B	3.73B	3.56B	3.14B
Cash Flow
Free Cash Flow	559.58M	814.73M	266.97M	881.22M	342.01M	105.67M
Operating Cash Flow	960.24M	1.22B	546.06M	1.15B	679.77M	355.34M
Investing Cash Flow	-371.75M	-484.99M	-284.74M	-254.36M	-299.55M	-331.05M
Financing Cash Flow	-476.56M	-730.41M	657.94M	-783.97M	-232.50M	-115.36M

Taiwan Hopax Chemicals Manufacturing Co. Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6509 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6509	72Outperform	TWD 9.02B	12.96	―	3.23%	2.00%	57.23%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3708	49Neutral	TWD 8.37B	2.73	―	6.94%	-79.42%	2756.52%
TW:4739	46Neutral	TWD 8.41B	13.42	―	1.41%	98.05%	725.72%
TW:4306	44Neutral	TWD 9.28B	15.44	―	4.96%	4.17%	151.80%
TW:4989	41Neutral	TWD 10.18B	-37.53	―	―	63.30%	87.48%

* General Sector Average

Performance Comparison

TW:6509 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6509	Taiwan Hopax Chemicals Manufacturing Co. Ltd.	43.20	10.94	33.93%
TW:3708	Swancor Holding Co., Ltd.	93.60	-27.17	-22.50%
TW:4306	Yem Chio Co., Ltd.	14.10	1.26	9.80%
TW:4739	Coremax Corporation	71.00	-0.53	-0.74%
TW:4989	LCY Technology Corp.	60.90	13.39	28.18%
TW:7763	Johnson Fine Chemical Co Ltd	141.50	66.66	89.07%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 09, 2026

Taiwan Hopax Chemicals Manufacturing Co. Ltd. AI Stock Analysis